Majors move in tight ranges

By IBTimes Staff Reporter | June 28 2010 2:53 AM

Majors started the week by moving in narrow ranges against the dollar where the dollar index traded between the lowest 85.21 and the highest 85.32. The index now is trading around 85.31. The US will release today its personal income and personal spending in addition to the Core PCE got the month of May.

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The euro against the dollar traded during the Asian session between the highest of 1.2397 and the lowest of 1.2375. Now the pair is trading around the 1.2379 level, between 1.2300 and 1.2385. Germany will release today the consumer prices while EU will release the M3 money supply. The hourly momentum indicators point that the pair is might rebound from an overbought area. While the four hours and daily indicators show the pair is within an overbought area. The pair today may trade around 1.2500 if it breaches the 1.2435 levels, and may trade around 1.2215 if it breaches the 1.2240 levels.

The pound against the dollar traded between the highest of 1.5071 and the lowest of 1.5041. Now the pair is trading around the 1.5054 levels between 1.5040 and 1.5120. The hourly, four hours and daily momentum indicators point that the pair is within an overbought area. The pair today may trade around 1.5285 if it breaches the 1.5200 levels, and may trade around 1.4920 if it breaches the 1.5000 levels.

The dollar against the yen traded between the highest of 89.42 and the lowest of 89.26. Now the pair is trading around 89.41 levels between 89.15 and 90.20. Japan will release today the jobless rate for May in addition to the preliminary reading for the industrial production. The hourly momentum indicators show the pair might rebound from an oversold area. While the four hours and daily indicators show the pair is within an oversold area. The pair today may trade around 91.00 if it breaches the 90.60 levels, and may trade around 88.10 if it breaches the 89.45 levels.